CIT Group Inc. (CIT) experienced unusually high volume on Feb. 02, as the stock lost 7.97% to a closing price of $27.48. The stock saw 4.96 million shares trade hands over the course of the day on 30,611 trades. Given that the stock’s average daily volume over the last month has been 2.46 million shares a day, this represents a pretty substantial spike over the norm.

CIT Group Inc. has a P/B ratio of 0.51. It also has a P/E ratio of 4.7. The stock has traded between $49.27 and $28.89 over the last 52-weeks, its 50-day SMA is now $38.35, and its 200-day SMA $43.05.

CIT Group Inc is a banking company. It provides financing, leasing & advisory services principally to middle market companies in industries primarily in North America, and equipment financing and leasing solutions to the transportation industry worldwide.

Headquartered in New York, NY, CIT Group Inc. has 4,960 employees and is currently under the leadership of CEO Ellen R. Alemany / John A. Thain.

THE IMPORTANCE OF THE RUSSELL 3000

The Russell 3000 is not well known outside the world of finance, but it’s one of the strongest indices out there for getting a broad sense of the stock market. Unlike the better-known Dow Jones Industrial Average or S&P 500, membership on the Russell 3000 isn’t selected by committee. It’s simply the 3,000 most valuable companies in the country.

With 3,000 stocks making up the index, it gives a broad look at the markets, including the small-and mid-cap companies that aren’t on the Dow or the S&P 500. And with a rules-based system for determining membership, there’s no bias that could potentially limit membership. That’s why many financial professionals will turn to the Russell 3000 long before the better-known indices when trying to take the temperature of the market.

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